Jon Corzine, the former head of bankrupt broker MF Global Holdings Ltd., was sued by the holding company’s trustee, Louis J. Freeh, for failing in his duty to oversee the company and causing the eighth-biggest bankruptcy in U.S. history.

Peregrine Financial Group Inc.’s Chapter 7 trustee won court approval to create three classes of firm commodity customers, a ruling that he said may lead to full repayment for one class of account holders.

Russell Wasendorf Sr., the founder of now-bankrupt commodities firm Peregrine Financial Group Inc., was sentenced to 50 years in prison for what prosecutors said was a theft of more than $215 million from customers.

Articles have been speculating about the possible bankruptcy of Sears Holding, the major retail chain in the United States and Canada. At $40 a share, that would be a tidy profit for the short community.

A group of MF Global Holdings Ltd. creditors proposed a liquidation plan that would pay as much as 41.5 cents on the dollar for unsecured claims after the company reached key settlements last month with affiliates.